UAE FAB bank pushes forward in trade and treasury tokenization with new appointment
UAE First Abu Dhabi Bank better known as FAB seems to be moving forward with its tokenization plans through Global Treasury Trade and Tokenization known as GTx reflected in its recent appointment of Imad AbdalWahab, as Managing Director & Head of eCommerce, Public Sector Propositions within Global Treasury, trade and Tokenization (GTx).
For those unfamiliar with the term, Global Treasury Trade and Tokenization (GTx) refers to the integration of blockchain technology into corporate treasury operations, specifically for digitizing trade finance, cash management, and investment assets into digital tokens.
It involves converting traditional financial instruments into digital tokens enabling live low cost cross border transactions.
On LinkedIn, AbdalWahab, noted that he was proud to share that he joined First Abu Dhabi Bank (FAB) as Managing Director & Head of eCommerce and Public Sector Propositions within Global Treasury, Trade & Tokenization (GTx).
The UAE has been at the forefront of blockchain, digital assets and tokenization. The Banking sector in the UAE has been exploring the implementation of digital asset solutions, crypto transactions, AED stablecoin issuance.
FAB is working with ADI Foundation in the UAE to issue an AED stablecoin. ADI Blockchain Foundation has developed the AED stablecoin to be issued by First Abu Dhabi Bank, with the support of ADQ a sovereign investor and IHC an investor as well.
Emirates NBD and First Abu Dhabi Bank are both participants in the testnet for Circle Internet Group’s for Arc, an open Layer-1 blockchain network designed to meet the needs of developers and companies bringing more economic activity onchain. One of the use cases for Arc will be for payments. Arc also provides core infrastructure for issuers of fiat stablecoins, tokenized equities, credit funds, and money market funds.
Stablecoins, which can also be seen as programable money and real time settlement are components of GTx, others include tokenization of real world assets such as treasury bills, money market funds, and trade documents.
AbdalWahab explained that he will be working across all client segment and markets globally. He explained, ” I will be driving the development of a future ready acquiring ecosystem spanning domestic and cross-border capabilities while supporting the UAE’s and beyond ambitious digital economy agenda.
Additionally his priority will be to strengthen collaboration across the ecosystem and deliver impactful solutions across public sector, private sector corporates such as healthcare , education, hospitality , aviation , real estate , retail, and beyond in UAE and globally.
He previously held positions at Network International, and Magnati designing and executing large-scale public sector initiatives that have enabled UAE federal and local governments to transition to cashless, citizen-centric ecosystems for digital economy age.
